Officials announced Thursday that the building will be named the UW-Milwaukee Panther Arena.

The renaming of the arena is part of a broad 10-year partnership agreement between UW-Milwaukee and the Wisconsin Center District that includes the naming rights to the facility and a long-term downtown home for the UWM Panthers men's basketball team.

"Having UWM's name on the downtown arena is an important symbol of our deep commitment to the City of Milwaukee and the entire region," Interim Chancellor Mark Mone said. "It fits well with our strategic plan to enhance the university's brand and to further position UWM as Milwaukee's University."

The news comes nearly two months after U.S. Cellular announced it would not be renewing the naming rights to the arena.

The building, built in 1950, was originally known as the Milwaukee Arena and is the current home to the Milwaukee Wave soccer team as well as the UW-Milwaukee men's basketball team.